The Governor of the Central Bank of Cyprus Panicos Demetriades handed in his resignation on Monday.

“The Governor of the Central Bank of Cyprus Panicos Demetriades presented today his resignation to the President of the Republic Nicos Anastasiades, which was accepted,” says an announcement by the Presidential Palace.

According to his contract Demetriades should give one month’s notification, and for this reason his resignation will be effective on April 10. During this period, Demetriades will handle the backlog that has before him and brief his successor.

Demetriades’ resignation letter was handed to the Minister of Finance Harris Georgiades, on Monday, in Brussels, in the presence of a representative of the European Central Bank.

“The President thanks Demetriades for his contribution to the great effort made over the past year to save the country from bankruptcy and stabilise the financial sector,” concludes the statement.